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Today's Technical Outlook-3/9/2012

Market Summary

David Chojnacki S1F Market Technician

The Market gapped up at the open on news that Greek debt participants would be approving the plan. This helped to further erase the big down day of two sessions ago. At the close, the DJIA was up 0.5%, the S&P added 0.98%, and the Nasdaq100 gaining 1.1%. Breadth was positive, 4 to 1, on below average volume. RSI's strengthened somewhat, indicating the improving near term strength, but remain below over-bought levels. ROC(10's) are mixed, but rose for all three major indices in the last session. After a 2.5% move down, the indices have showed their resiliency and are back near their recent highs. The S&P moved back up above its 20D-SMA(1359), while the DJIA closed just below its 20D-SMA(12915). The Nasdaq100 closed just 6 points below its recent high and bounced back off that level during the session. All three major indices remain
above their 2011 highs and if we get back above the recent highs more upside can be expected. Look for the DJIA to continue to find support at 12810 and 12724. Resistance will be at 12915 and 13000-13005. The S&P closed back above its April'11 high of 1363, and we see resistance at the recent closing high of 1374 and 1375 area. Look for 1363 and 1353 to provide near term support. The Nasdaq100 is within striking distance of its recent high of 2643 and we expect that level to provide some resistance, along with 2650. We see support near 2625 and 2612. The VIX lost 5.8% to close at 17.95. The Market's reaction to this morning's Job Report should give us some indication whether we get some additional near term pullback or we resume the move to the upside. Futures are mixed this morning ahead of that report.

Major Economic Reports Today

Employment Report-8:30am Trade Balance-8:30am Wholesale Inventories-10:00am

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